No-doc loan

No documentation mortgage (No Doc) has no supporting evidence of a borrower’s income. Instead, the loan realizes based on a declaration confirming the borrower can afford the loan payments. These mortgages are unregulated and do not meet the Consumer Credit Protection Act requirement to verify the borrower’s financials reasonably. The assessment of the loan is based mainly on the resale potential of the secured property and the repayment structure of the mortgage—Read more at Investopedia. Kagan, Julia. “No Documentation Mortgage (No Doc).” 17 June 2018